\begin{tabular}{llll}
Parameter & Interpretation & Target & Estimate \\[1mm] 
\hline \\ 
$\rho$    & Discount rate                & Annual interest rate        & 0.008 \\ 
$\Delta$  & Labor force exit rate        & Aggregate unemployment rate & 0.004 \\ 
$\omega$  & Housing share (workers)      & Expenditures on housing     & 0.23 \\ 
$\psi$    & Housing share (firms)        & Expenditures on housing     & 0.11 \\ 
$\delta$  & Drift of productivity        & Job losing rate by tenure & 0.001 \\ 
$\sigma$  & Volatility of productivity   & Wage growth by tenure       & 0.004 \\ 
$\beta$   & Bargaining power             & Labor share                 & 0.08 \\ 
$Y$        & Lower bound of init. prod.   & Job acceptance probability  & 0.93 \\ 
$\eta$    & Housing elasticity           & Housing prices & 3.77 \\ 
$\mu$     & Migration rate               & Migration rate & 0.002 \\ 
$1/\varepsilon$ & Migration elasticity     & Migration shares            & 4.72 \\ 
$\alpha$  & Matching function elasticity & Local job finding rates     & 0.30 \\ 
$\gamma$  & Vacancy cost elasticity      & Local job finding rates     & 1.44 \\ 
$\varphi$ & Learning rate                & Unemployment scar     & 0.01 \\[2mm] 
\hline \\ 
$\underline{z}$     & Lowest job quality & Local job losing rates      & 0.03 \\ 
$\overline{z}$     & Highest job quality  & Local job losing rates      & 0.10 \\ 
$g_1$     & Shape of job quality distrib.& Local job losing rates      & 1.36 \\ 
$g_2$     & Shape of job quality distrib.& Local job losing rates      & 2.19 \\ 
$\s_\ell$ & St.d. of local productivity & Local wages                 & 0.14 \\ 
$\s_a$    & St.d. of local amenities     & Local population            & 0.20 \\ 
$c_{\ell,a}$ & Correlation prod.--amenities  & Local wages and population  & 0.36 \\[2mm] 
\hline
\end{tabular}